Chicago Spire Creditors Want Ch. 11 To Stay In Del.

By Matt Chiappardi

Law360, Wilmington (October 25, 2013, 7:00 PM ET) -- The petitioning creditors trying to force the developer of the unfinished Chicago Spire project into Chapter 11 said Friday they might try to auction the property if the involuntary bankruptcy case is approved, and argued that the proceedings should remain in Delaware, and not be moved to Illinois.

During a telephone hearing in Wilmington, petitioning creditors' attorney Lenard M. Parkins of Haynes and Boone LLP told U.S. Bankruptcy Judge Kevin J. Carey that his client wants to determine the value of the property through a market...